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☆ Elliot Ackerman Went From U.S. Marine to Bestselling Novelist
▼ + stars: | 2023-05-19 | by ( Emily Bobrow | ) www.wsj.com time to read: 1 min

Elliot Ackerman, whose new novel “Halcyon” is his eighth book in as many years, admits that many of his friends from his Marine Corps days are surprised by his second act as a bestselling novelist: “They say, ‘It’s so odd. Why not become a security consultant?’” But then, friends who knew him as a teenage “skater rat” were similarly shocked when he became a Marine, serving five tours in Iraq and Afghanistan and earning the Silver Star, the Bronze Star for Valor and the Purple Heart.

☆ Fed’s Michelle Bowman Warns Against Broad Overhaul of Banking Rules
▼ + stars: | 2023-05-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

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☆ First Republic’s Ex-CEO Michael Roffler to Testify in Congress
▼ + stars: | 2023-05-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/first-republics-ex-ceo-michael-roffler-to-testify-in-congress-8821984

☆ First Republic Bank’s Ex-CEO Michael Roffler to Testify in Congress
▼ + stars: | 2023-05-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

☆ Former SVB, Signature Bank Executives to Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank CEO Greg Becker plans to apologize to a Senate panel and say that no bank could have survived the deposit run that SVB saw in March. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank will appear in front of a Senate committee Tuesday, where the chairman is expected to blame senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration, according to prepared remarks released ahead of the hearing.

☆ Senators Blame SVB, Signature Management for Banks’ Failures
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Watch live coverage of a Senate Banking Committee hearing with the former heads of Silicon Valley Bank and Signature Bank, after the failure of the banks. Senate Democrats and Republicans pressed former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank Tuesday, blaming both banks’ management for the way they handled rapid growth and rising interest rates before collapsing in MarchSenate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from their customer and industry concentrations. SVB catered to startup and venture customers, a tightknit group who pulled their large deposits when trouble hit. Signature bet on crypto banking and then struggled after the sector imploded.

☆ Former SVB, Signature Bank Executives Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Watch live coverage of a Senate Banking Committee hearing with the former heads of Silicon Valley Bank and Signature Bank, after the failure of the banks. Former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank appeared in front of a Senate committee Tuesday, where the chairman blamed senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration.

☆ Former SVB CEO Greg Becker to Apologize for Bank Collapse
▼ + stars: | 2023-05-15 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank Chief Executive Greg Becker Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank chief executive Greg Becker plans to tell a Senate committee on Tuesday that no bank could have survived the unprecedented deposit run that led to his institution’s failure in March. Mr. Becker hasn’t spoken publicly since regulators seized SVB two months ago, after a failed capital raise and historic deposit run doomed the startup- and technology-focused California bank. Two former executives at New York-based Signature Bank , which failed shortly after, are also set to appear before the Senate Banking Committee.

In midsized metros Metros with 250,000 to one million residents. An Emerging Divide Mobility has risen for college-educated workers, even as it has fallen for workers without a degree. College-educated workers leaving the most expensive parts of the country are also not spreading out equally everywhere — or even going to parts of the country that are struggling. Net migration among college graduates Loss Gain Among the 12 most expensive metros, net college migration has generally declined or turned negative. “Consumer cities,” as she puts it, are increasingly replacing “producer cities” as the places where college graduates want to live.

☆ Tracing the Angry Path From Timothy McVeigh to Trumpism
▼ + stars: | 2023-05-03 | by ( Jennifer Szalai | ) www.nytimes.com time to read: +2 min

HOMEGROWN: Timothy McVeigh and the Rise of Right-Wing Extremism, by Jeffrey ToobinIt was the dog whistle heard ’round the world. Along with the standoff at Ruby Ridge, in 1992, Waco became a galvanizing moment for the radical right. Exactly two years later, on the morning of April 19, 1995, Timothy McVeigh drove a Ryder truck loaded with a 7,000-pound fertilizer bomb to the Alfred P. Murrah Federal Building in downtown Oklahoma City. Contrary to media portrayals of him at the time, McVeigh wasn’t just some lone-wolf drifter or survivalist oddball. Jeffrey Toobin’s “Homegrown” adds to this chorus, but where those other books contain a chapter on Oklahoma City, the entirety of Toobin’s book is given over to McVeigh and the ensuing trials.

☆ How Washington Got on Board With a Big-Bank Deal for First Republic
▼ + stars: | 2023-05-02 | by ( Ben Eisen | Andrew Ackerman | ) www.wsj.com time to read: 1 min

WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseeFederal regulators wanted a strong deal for First Republic Bank. As a result, they helped America’s largest lender get even bigger. JPMorgan Chase beat out bids from at least three smaller peers, according to people familiar with the matter. The bank said it had some 800 people working over the weekend to scour First Republic’s books and assess its business.

☆ Why Washington Let JPMorgan Buy First Republic
▼ + stars: | 2023-05-02 | by ( Ben Eisen | Andrew Ackerman | ) www.wsj.com time to read: 1 min

☆ FDIC Signals Support for Narrow Changes to Deposit Insurance
▼ + stars: | 2023-05-01 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Lawmakers have discussed potentially raising the deposit-insurance limit from the current $250,000 per depositor. Photo: Elizabeth Frantz for The Wall Street JournalWASHINGTON—Lawmakers could reduce the risk of bank runs by significantly raising deposit-insurance protection for accounts used for payroll and other business payments, the Federal Deposit Insurance Corp. said in a report Monday. A targeted move to make sure businesses can get back money intended for such payments if a bank fails was the best of three options the FDIC considered for overhauling the deposit-insurance system, the agency said.

First Republic Bank customers pulled around $100 billion in deposits in a matter of days. Photo: LOREN ELLIOTT/REUTERSThe Federal Deposit Insurance Corp. is reviewing bids for First Republic Bank and preparing to seize the lender, according to people familiar with the matter, weeks after a $100 billion deposit run shattered its business model. Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. submitted offers for the troubled lender earlier Sunday, the people said, and the FDIC went back to the bidders with questions in the evening. The agency is expected to name a winner before First Republic opens Monday morning, the people said.

☆ Regulators to Publish Postmortems on Silicon Valley Bank, Signature Failures
▼ + stars: | 2023-04-28 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Illustration: Alexandra LarkinWashington regulators plan to release postmortems of their oversight of Silicon Valley Bank and Signature Bank before they abruptly collapsed last month, potentially highlighting missteps by both banks’ management and their federal supervisors. The Federal Reserve is expected to release a report Friday morning digging into its handling of SVB, the culmination of a review led by Michael Barr , the Fed’s vice chair for supervision. A second report, expected later in the day from the Federal Deposit Insurance Corp., will analyze that agency’s oversight of Signature.

☆ Fed Says It Failed to Act on Problems That Led to Silicon Valley Bank Collapse
▼ + stars: | 2023-04-28 | by ( Andrew Ackerman | Ben Eisen | ) www.wsj.com time to read: 1 min

Illustration: Alexandra LarkinThe Federal Reserve’s banking supervisors failed to take forceful action to address growing problems at Silicon Valley Bank before it collapsed last month, the central bank’s top regulator said, signaling a broad push to toughen rules on the industry. Michael Barr , the Fed’s vice chair for supervision, said supervisors didn’t fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity. When supervisors did find risks, they didn’t take sufficient steps to ensure the firm fixed those problems quickly enough, he said in a report Friday.

First Republic Bank customers pulled around $100 billion in deposits in a matter of days. Photo: LOREN ELLIOTT/REUTERSBig banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter. A seizure and sale of First Republic could come as soon as this weekend, the people said.

First Republic Bank is running up against a grim reality in its fight for survival: There are seemingly no good options. Any solution would likely require assistance from regulators, the government or other lenders. But the darkening economic outlook, bad lending decisions and limits on Washington policy makers pose hurdles for any intervention.

☆ Fed Rethinks Loophole That Masked Losses on SVB’s Securities
▼ + stars: | 2023-04-21 | by ( Andrew Ackerman | Rachel Louise Ensign | ) www.wsj.com time to read: 1 min

The collapse of Silicon Valley Bank, which held $200 billion in assets, has sent shock waves through Wall Street and Main Street. WSJ’s Dion Rabouin explains what this means for investors and everyday Americans worried about a broader, systemic problem in the U.S. banking system. Illustration: Preston JesseeWASHINGTON—The Federal Reserve may close a loophole that allows some midsize banks to effectively mask losses on securities they hold, a contributing factor in the collapse of Silicon Valley Bank. Led by vice chair for supervision Michael Barr , the Fed is considering ending an exemption that allows some banks to boost the amount of capital they report for regulatory purposes, according to people familiar with the matter. Capital is the buffer banks are required to hold to absorb potential losses.

☆ CFPB Says Staffer Sent 250,000 Consumers’ Data to Personal Account
▼ + stars: | 2023-04-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

The Consumer Financial Protection Bureau hasn’t publicly identified firms involved in the breach. Photo: ANDREW KELLY/REUTERSWASHINGTON—A Consumer Financial Protection Bureau employee forwarded to a personal email account confidential information on thousands of consumers and dozens of financial firms, in what the agency has described to U.S. lawmakers as a major incident. The employee, who no longer works at the CFPB, made an unauthorized transfer of records containing personal information on approximately 256,000 consumers at one institution, as well as confidential supervisory information on 45 institutions, a CFPB spokesman said. There is no evidence the records were shared beyond the former employee’s personal email account, the spokesman said.

☆ FDIC Official Says Agency Was Slow to Sell Failed SVB
▼ + stars: | 2023-04-12 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/fdic-official-says-agency-was-slow-to-sell-failed-svb-66b800e7

☆ White House Calls for Tougher Midsize Bank Rules
▼ + stars: | 2023-03-30 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The White House on Thursday called for tougher rules for midsize banks after the collapse of two lenders earlier this month sent tremors through the banking system. The recommendations call for new rules from the Federal Reserve and other banking regulators that would apply to banks with $100 billion to $250 billion in assets. There were approximately 20 firms in that asset range as of the end of 2022, according to the Federal Financial Institutions Examination Council.

The White House is planning as soon as this week to recommend tougher rules for midsize banks, according to people familiar with the matter, after the collapse of two lenders earlier this month sent tremors through the banking system. The recommendations are expected to call for new rules from the Federal Reserve and other agencies, including for banks with $100 billion to $250 billion in assets.

Senators rebuked the Federal Reserve for failing to prevent the collapse of Silicon Valley Bank despite identifying risks beforehand, while the central bank’s top regulator blamed the firm’s executives for not fixing its problems. In an appearance Tuesday before the Senate Banking Committee, Michael Barr , the Fed’s vice chairman for banking supervision, defended the actions of the Fed’s supervisors and said the central bank had privately raised concerns with SVB before its March 10 collapse and had given the lender poor ratings for managing its risks.

☆ Fed Official Calls Silicon Valley Bank Failure a ‘Textbook Case of Mismanagement’
▼ + stars: | 2023-03-27 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Michael Barr, the Fed’s top banking regulator, says the central bank is reviewing its supervision of Silicon Valley Bank. WASHINGTON— The failure of Silicon Valley Bank demonstrates a “textbook case of mismanagement,” the Federal Reserve’s top banking regulator is expected to tell Senate lawmakers on Tuesday, while acknowledging there may have been shortcomings in the central bank’s oversight. “SVB failed because the bank’s management did not effectively manage its interest rate and liquidity risk, and the bank then suffered a devastating and unexpected run by its uninsured depositors,” said Michael Barr , the Fed’s vice chairman for supervision, in written testimony released by the central bank.

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